Posted by John Merchant on April 09, 2003 at 19:50:26:
If there really is a contract in place, that all parties have agreed to, then the seller could sue for specific performance of the contract, to force the buyer to go through with the purchase.
This is rarely done, however, because of the legal fees and costs, and the reasoning that there was/is nothing unique about the buyer, and another can be found.
Contract to purchase Binding or Not (Ohio) - Posted by Tim P
Posted by Tim P on April 09, 2003 at 18:00:08:
In Ohio, If a couple (two parties) have signed a contract to purchase, and subsequently decide not to proceed after all factors have cleared, inspections, mortgage approval etc. what recourse does seller have against the parties to enforce the sale? Failure to execute the purchase will likely interfere dramatically with seller’s purchase (build) contract with construction already started.